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My near- and intermediate-term pattern and momentum work indicate that Walgreen Co. (WAG) ended a significant correction at its Feb 5 low at 33.00 -- and a retest of that low was satisfied last week at 33.44. The upmove off of last week's low into Monday's closing high at 34.17 sets up a double bottom corrective low in WAG which should propel prices to test key resistance between 35.30 and 36.10. If my work is correct, and WAG has ended a significant corrective period within a large bull market period that began at the Oct '08 to Mar '09 lows (21.28/39), then the price structure should waste little time before heading sharply higher in a hurry.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
